When we hear that “monetary policy is too important to be left under the control of Congress,” why don’t we hear Congress respond, “This is a violation of democracy”? Because Congress thinks that monetary policy is too important to be left to citizens who own gold coins. Congress does not want to have its central bank–funded programs vetoed by gold coin owners who can walk into a bank with digital money and demand payment in gold coins. Congress tolerates central banking because Congress suspects that citizens would not tolerate Congress if they could veto central bank purchases of government debt.

Members of Congress are confident that they can buy votes by spending newly created money. They are not confident that this could continue if the public could redeem digital money for gold. Congress buys votes with fiat money. It would find it far more expensive to buy votes with gold coins.

What is true of Congress is true of every legislature on earth. This is why we never see a significant reform of central banking. Such a reform is not in the self-interest of the elites that have built the modern political order on fiat money.

Dr. Hammond is a very funny man. Does he keep a
straight face during his consultations? Do his patients?
In the 1980s and 90s, when I lived in England, the GP
(their PCP) “summoned” me by coming to the door of
his office and calling out my name.
I can well believe that some British doctors do not
know their own blood pressure numbers. One responded
to my request for a routine BP check that it should
only be taken every five years, as though it were an
exotic procedure. But he did comply. Another was
most reluctant to do a digital prostate exam, routine
with American doctors. He would not; I did not insist,
and am still alive.
But they knew their jobs.